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InBusiness EXECUTIVE OUTLOOK: How we can emerge stronger from recession

Premiere Edition • January 2012 • From The Broad Street Journal

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HABIB ELIAS Finally living out his dream KAYMAR JORDAN

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MARK KING

PAul AlTMAN

NEW MAN IN POWER

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lIMEGROVE’S VISIONARY CREATOR

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Editorial: Dipping his Mottley: Hotels need toes in the Sea of half billion for Opportunity - page 8 refurbishment - page 3

Tuesday, June 30, 2012

Sinckler retains tax regime in Budget Speech - page 4

THE BUDGET

Arthur: Barbados economy at “tipping point”

Opposition leader says gov’t should stimulate domestic demand with larger tax cut By Patrick Hoyos

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• Shopping • Dining & Entertainment • Health & Medical • Professional Services • Art Galleries & Museums The Barbados INSIDER • May 2012 • Page 1

Opposition leader Owen Arthur said Thursday night in the House of Assembly that the Barbados economy was at a “tipping point” and until the foreign exchange position imporved, it should use some its own reserves to stimulate local demand. “The Barbados society is now confronted with a failing economy” which was “not providing for the future because we are saving less,” he said. Further, Barbados’ inflation rate was three times higher at 9% than the inflation it imported, which was at 3%. “What started as a problem in the macro and fiscal accounts is now embedded deeply in the two sectors that ought to be taking us out of this situation. It is like flying an aircraft that has four engines but you’ve lost two and the remaining two have started to sputter,” he said. Mr. Arthur noted that people in tourism were now talking about a “fundamental crisis” in the sector. The largest tourism enterprises were failing, he said, and more are likely to do so. “We are at a tipping point,” he told the House. He acknowledged that there were some “transformational” initiatives in the budgetary proposals presented by the minister of finance, but before the country undertook them, he said, “we have to get past this tipping point (because) we can go over the brink.” The question was whether the measures before the House were enough to bring the country back from the brink, or would they

Pictured (from left) at Wednesday’s Post-Budget Breakfast Budget Session co-hosted by the Barbados Chamber of Commerce & Industry and PriceWaterhouseCoopers were Panellists Richard Cozier, CEO of Banks Holdings Ltd.; Troy Lorde, lecturer in economics at UWI Cave Hill; Gloria Eduardo, partner, tax service, PwC East Caribbean, and Lalu Vaswani, BCCI president. See story, page 4. Photo by Vincent Tempro THE BUDGET

BIBA welcomes offshore proposals

The Barbados International Business Association (BIBA), not surprisingly, has welcomed the lowering of the minimum tax rate for international business entities in the Budget. In a press release, BIBA President Melanie Jones said it was a “meaningful response” to the island’s recent loss of its competitive advantage in the Canadian market. She added that having lower tax regime See ARTHUR, Page 2 would enable Barbados to look for new

business in other The provision for a special entry permit system for high net worth individuals and their families, was also welcomed by BIBA. However, Ms. Jones said the new measures to attract foreign investment should be part of a major effort to showcase Barbados as a hub for international business, and this meant more funds should be allocated to the agencies charged with foreign investSee BIBA, Page 2

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Patrick CO ZI Secretary G ER eneral Caribbean M ed Suite 1B, Bl ia Centre dg Harbour Indu 6A, st St. Michael rial Estate T 430-1007 F patrick.cozier 228-9524 @caribsurf.c om

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InBusiness EXECUTIVE OUTLOOK: How we can emerge stronger from recession

Premiere Edition • January 2012 • From The Broad Street Journal

InBu sine ss

firSt

HABIB ELIAS Finally living out his dream KAYMAR JORDAN

THE MAKING OF AN EDITOR

MARK KING

NEW MAN IN POWER

PAul AlTMAN

lIMEGROVE’S VISIONARY CREATOR

perS

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Barb a talks dos Ligh t a term bout ren & Pow er ew p the ra lans to re able en ’s new m erg y duce te hik anag an it e it r in By P eceiv s depend d the com g direct atrick en ed in o Hoy 2010 cy on oil pany’s m r os id ,a from ark K the F nd defen ing, ds TC. bado who beca sL

iness InBus ry to S co v e r s with hi Elias Habib ning show or star m cer Alex announ at a recent Jordan e event. at corpor Alwyn Kirk

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entreprene

igh m Nov. in wh 1, 20 t & Pow e CEO of br 11, h ic deve h he su eakfast eld a er Co. L Barm se lo td. meetits cu ping alte marised ssion in the- on m th prod rrent tota rnative so e compa id-Decempress uct ny’ l depe urc ber, nden es of en s progre Acc ion. erg y ss in ce on Dec. ording to to oi re l 31), it du for el Ligh s annual mad ectric ce e t re ity pare a net profi & Power port for d to 20 Hol 10 $27 m t of Bds $7.5 $45 m dings In (yearend m il the sa illion of lion for c. (L illion th PH) an F le of LPH this was e previo comth ib u an in own re Holdi ’s 25% in e net ga s year. cr ers, L terest in fr ngs, ity” gr ease in om w th had pu euca in C aribbe dia N hich LP sion anted by e “basic rc h H own ased ra ation th - 20 , whic ’s pr ed in h cam e Fair T tes for el 10. Atlan TeleBar the late al Corpo evious ra stake After pu e into eff ding C ectricba ration omm optic tic Cross dos, a lo 1990s an ect in rch , on Q L d in to m PH in ea asing Leu on March is- ties : How do Croix cable run g, whic cal teleco which ak h as C that rl ning m cadia’ . you 1, year e an off y 2010, see yo from operates , and Setti Und EO? er to Emer s 38% curren for al a fibr Barba ur m w the sa ng asid l as hi er my le a e ar ajor th tl do wen ds y e rem e s to S holds tional priori ainin the end t tion gh priori adership utili le would the onet. 80 In % ty co ty th su I prop g sh off re the re in th of of L put rance m over ve Board PH, wit ares and sequen e cost of e question ose to ta the pr pany at the net pr nue from other maining ckle gene profi of th seve holdi h the N ar ity to tial redu shar ra n t was evious ye ound ei ofit of th n aeh ct ti perc ou on an e reducSpe io olde Way ent h g 13% an rs. d the We w r custom n in the ne C attribute ar. The ad ght milli e con aking el d d by ers go cost conill al at fe rawle on increa dition d by tion 1,60 y King rence, hel his in 0 bo of rene so be lo ing forw of electric tr nearl se in elec to a clos LPH ch al net okin ard. wab dy ai yam com spoke ab d in mid oductor y g e tr pa out so illion icity sa to one pe rman ority has been le energy at the in -D instan ny was talkin me of ecembe press for th kilow les for rcen source troduc co by t r, g ce e th att h a ours total of The fo s had be nsidering, e option Mr. th extensio countr y about th s. Every n , as w ll is gu e fini ell as confere owing ex n to br and in s the te na - because and for as a priso cerp ture nce. of oi of the vo the world ts ar ing on st me on Everybo dy e from l as ream lati , the pr . Bar oil for th is aware a source lity and that of en e ge ba ess ergy. contin dos, and neration we rely en that, ues to ri the cost of electr tirely se an of ic ge in th nerally d sett oil wor ity in e long spea ld lin term king, ar g at nu wide m . So InB it is e unsustai bers usin incum nable ess bent Jan on us uary 201 2•1 3

Lime zen gen PauL

AUL ALTM AN, whose she er tenacity ensured that Barbados’ most advanced shopping and leisure cen tre came a rea belity, is confident as he sips a sm looking calm and him by the oothie con cocted for bartender at the new Courtyard ng) on ar Caribbean itsdisou th side. TInG Kirk H It DCAS Alwisynthe week before Christmas, BROA gro hoto by ve (P . Lif M estyle Ce and Limehis at SLA opening for esses to ntre, which had on air businCh a “soft” ristmas 201 nature to zz live her sig its list of internatio DJ Fu n- 0, continued to add two ot omic conal brand nam rough stment. welcomi ng ecinonear l th or e , retailers, al ct er er ly se thee ov ber the ope dying Decem Louist Vu a teenag llar-plus inve ng in th a as is of d itto nin ch ni n sto ou g of do whire. quire ion illiont ovedc der mea ansitBu asting, M’s stuesent m ith broa a family ’s tr fici broa r the nearly four yea onale,lau of SLA all, St. pr is a stor y w of nch at the ork rs since its ofa new n area H ample It . to w of Feb der ctorlarg entend ng, into one ex aggatt receptio in eElia tenstwin dy ’s ruary 2008 unas it is textile retaili industries se aab ter the building at H alls painted bo xt ib the ry te en mi ve u site e s, ddle E k w that wone ed H r of ent yo ssing g creativ world: oach. A quic aying of the cleared enaglux becom Barbado ow uld e ej85, the mom unpreposse a different and s in of the growin of him, a te 000 square pr ars, de shoppi derury From in ng,yedin ern ap beat, hi feet of ed founleto in an part twenty ing and e mod you are to the s, the cated expect e fo, rlife s tion at Ho e enhirea therwn has not alw tellrec dios, lo you feel as if eys signal th ejay swaying As was er, Fauzi Elia worked gro lkeep th M. to been eas ays , gr d executive outlook to e el Inte y ve’s , de th d ha H fa a ha lea ng . A d an s s din ic di he eople y for LimeM and schedu Street “Pally s an pert r at SL ene for hi s.eci whegn lights, esp , blacks studio reveal oth are stan an ai , es ds Th led for ope lls Sw on re sin ing ffair l Pro IPo), ca Mr. Altma s came ic re ic sc solid m. B -air ning at Lim a you’re ore on tobu include Ag A n. off gfun when2•9 side hi the on time, he when the mus of any St e side. ectu ce (C terna the fabr a head 2 ent Provoc ss In fficult e in inding, consid th tour of r sidekick be sitting down in the news, ateur, A|x ry 01 the bankers cut di Exchange, ar ay a on eri st u ry offi the usine re aw ng n ve the project A Audemars Ja not be to proceendewit ssh. nounce ing on g. No was a es to be ld and al B awa as too in an go iti It Ca ou Piguet, Bre w risk al Th si t’s w rtie e flo y financial set r, Chopard, moB stutoo much level tion it. I am re w d In ow wha on-air person ually that he Ha bac gy sh ad er llm k e er rs e gr wa th M. ark n d to s alA.C, Micha , Louis Vu bear U t th -fun as ent. able to reg - fa monito lowing the how he a EU w roup and fin but Mr. Altman was Large al tertainm plains ch he ac Vilebrequin. el Kors, ralph Laure t r g th the d new privat y, to see the s or en office, he ex ejaying, whi sports, of n y tha earlie w sl A e in a gre ne u d on at number project thr h an er d de d Barbadian by came onio e usstor y in ough. Today e investors of succ stu plete (whic y largest sha all corn g his love of brands also ’s pent n ickly be Habiblabour rr m Limegrove harm s th nd reholder aft breaking ib Elias’ sm feature pro ma Altman re N DECEMBEr 15 following areas:air, and qu based nte al co is yea d- on slatin ’s er Mr. Alt ore esse an e mine Hassid, the da al if all of usic productivity had su th e) In Hab s goal of tran man is Jac g m proc get e n se CEo of Di 2011,Christine Lagarde, tion d Bank, Foste Estate, Barbados Na t live on s. It was as m es and ob hi larGovwen1.Reduction enma o m m (the workin f the ately amonds Int in Barbados puof r & Ince t at mak the managing director of , and cost o ultim hieved 1FM arbadoof the gsize d po thperformance n ac tive the ern B 1. ; ec an o e ra rs) pe atio Cr tus r 10 la in lph a uis ca he, nal m ie in “Bizzy ” W eworld, K is s ds B oPA! and c to AM liams Indust ejay unPerforthe SL International Monernment and in (f ) open up leg ised to been soits deImprovement stations illi r tion agen own so ge in a r Pu hat ork f am g fo la re s o ch rie of So n in pu nam s a urce Barba WilInc; Bri e a few ”.) laun etary mFund ssio and Value etw e has warnedd pamance foruc Money. the legal services od rom has ese ber Goldstein; two ing d eng ost po do GH to um n p gress ks. Th eal n es. W tlet, pr downsizing of the la- profession to inand a consor tish investor Peter ity an tuThis cutt have to that the global must include a n bee r The effort o ral ou in s. ENoU moment they ic creativeconomy tiu or nes Y na m s lso have e pro e bo es of the tit K up too exe hea rs . er v , and rk a its C k pe cut e ded four yea e the prospect ive To m n th bour force LU ti by busithfaces lt und f com(with adequate separation provi- ternational comAltman say d foofr “economic at o are foretraction, ng resu ere ts th hile so ally o e Socie ent o trust “Limegrove ny King. ong its much higher levels of productivity petition E ArE career from rising s the intern rs. However, M e it, an erisolation denlyand . . . twhat fferi netw pore EoP L Th men d w ctu e ov tm ational sto they had is 95% com ty r achievprotectionism, d ou am sions), p ok 30s job or to th nac as th MthE P tothe ce ’t a an tenanted,” all surpassed res s trea ore o onal e neve happened it in -Depression. (supported by systems to measure and hold (g) Engage it stan ” pleted and han ustr y, y aren ents ct, e well entsotort the eir dream say Mr. Alt Elias, k. Som m rnati their sales tions for the 95% A s d recession is cer- people accountable), elimination of discre- the right skills to man, “and m er poto th critical ma ers the ndm of wor . For Habib At this point, a eurozone proje first year of inte now - in ade, e ame bilities tion a amend supinrovid me e world n, ss le a so io e has the hi tha at tain. While its depth and length cannot be tionary expenditure (overseas travel, etc.) fast track legisbusiness des to the w th m t P st economic th the shoppi r a s centre doe tern st erte isla n, lud Lia y sa radia ocontinued credit crunch, sover- and reduction in some transfers to entities lation to enable downturn, pi ng to can take s’ and s f in it. inc cted n leg latio lation d Tru ten not t v predicted, lia life o c the seem like but he add style re were som a dhe u is g s ars,bit Mr. E lly ew tion, a com ed th stri ndatio s leg t, reg te an to th ot e smaller sto eign-debt problems, lack of competitiveness, who rely on Government support. all sectors of the finin kno gfu 2010, plaint made it is under construcfun tion, th not doing res which fou panie s Ac orpora ments tual de ede ently eanin tor on y 10, las. t. Bo ar by firs as is cus and fiscal austerity imply a serious downPrivatisation of certain state-run operaeconomy; t nu we u ie yea we m s. g m c tom d C ll Ja ca r.” n e c rr e ers over the le uts o, a co mpa nal men ereme de cu r can lic se cess He is hoping as they had expected. r o s ag th o 2 ely on th ce of r yar a s turn. tions must be speeded up. Disposal of some (h) rapidly modernize our judicial system se o 1 b ti ro s ie id 0 A o to a u p a C large hoardi c 2 to l pie oe vye e ew sec the p ous in th ust tern ell tes them as Lim that things will impro cien 0s).anuary ng at the sou The US – growing at a snail’s pace since real estate owned by Government is essen- to ensure that the administration of justice av ps ari m - In t, as w upda ningfu oTw Caribbean m th r h t defiess ve fo egr thern side 199•J x e in ose v e ste we n laCo 2010 – faces considerable downside risks tial to generate cash, reduce debt and elimi- functions speedily, efficiently and effectively Ac and mea ed fr c secto u the “build-up ove had finally got of the d th de th Bificasienlate legis located, shi urtyard, where Louis ten bli In in me of ns, an are an nnecact, e it a as flaw pu8 from the eurozone crisis. Elsewhere among nate holding costs. Barbados cannot sustain and provides reasonable access to justice for sign n th that gnifi Vu elds the rem k ting the “fo process,” and was now past so s su aso ma se it w and were rce (i use ver y si still under aining two itton is the major advanced economies, the United a civil service of close on 30,000 people. Job all persons irrespective of their means. ot-flow com put us re reason erhap getn u rivate there to fo le to a u con a bui o w p c stru rt That is wh ldings o ction. Kingdom is double dipping, as front-loaded one should be to create a fully empowered vari those are e p d that e in een ab tage, so ppo be at it’s all abo ing through here. “Th eir rr yo e th wa m th t m y ld lkw e b e n s. ng a r cou ies ut.” ca ch est fiscal consolidation and eurozone exposure and dynamic civil service in a system that al3.Diversify the economic base I suggested ot epte wh of th dva ard eve link this cou ay will go all the wa as that agenc te c hen it have n reat a the c ns usi ity to rks b ve e y round to undermine growth.” lows them to make decisions and perform. (a) New industries focused on earning rtyard (to rh om w we more serene to Mr. Altman that he y g is on ictio e abil at wo an ha al cto cesses er of orpora a hou n bui a loo o se se had a lding which k about him the Burbe S The Barbados economy is in crisis, as in- This reform should also include the reform foreign exchange should be given much atb C ro to te aul jurisd ve th n wh we c ation previously. ) will rry store and than I had a riva d p num , the o er so tern tion t overh ther Dominion) “Th dicated by a large debt-to-GDP ratio (well of our national governance model to elimi- tention. e p men re a mple TD (Toron w h lati o Bank,” say re question tha e answer to that is, the seen can ith e no legis it bett the in om re a r exa to mo s Mr. over 100%); large fiscal deficit (6-8% GDP), nate the burden of adversarial politics that Professional services, arts/culture/enterr e ir rec W ls, w I asked Mr e re’s t ing unthe mak offe . Altman to Altman. . Th us, fo could. Josée we’ve done everythin no de and stagnant economic growth, with all ma- exists today. A model built on an expanded tainment, sport, education, health and mediork Co ir ved ey to challenges mo from we can duct to talk about Atkinson, s w ntar y d the g we u k k , the the jor economic sectors stressed. and strengthened social partnership might cine, biosciences, ICTs, events. e se e ic Limegrove ro n ups and dow w coordinator, major e are a project of ’s project ns, encoun has put mi par pand hreomium p like to sef Parliamundersmtae of thn into • In addition, the last S&P rating indicates a be the way to go. Effectiveness, transparency (b) Existing sectors-tourism and agriculsuch tered on nd and sou of her into com l and part a p et. ould e Chie e can get so islatio me. this thing, “The hardes scale and ambition. negative outlook, business profits have fallen and inclusiveness should guide the approach. ture need innovation and investment. Dyrk ti working bey t part was ger ancial one’s capaci ma o I w ith th at w e can of leg od of n significantly (and, as a result, revenue from namic plans are needed to breathe life in to he ond o to ty. th says, referr S any- p get them w ces peri w 20 20 In s In ol fin ing to the by step, wit And we pushed togeth here,” InBu corporate taxes), Foreign Direct Investment 2.Grow the economy these struggling sectors. er sely e so ow pie Busin ado ing sines panies wh luxury bra ha ess• clo offic and h new quick er s•Ja re n nal ny tax Janu ose s r Barb nag nuar nd comfalling, and unemployment is rising (12.1% The focus must be on making Barbados (c) Focus attention on new markets in we assemble great team of people step b ary2 y201 sel’ cesses nts o much a the d ma 0122 rs a atio of high-end names read like a , which d, e n t of to last IMF report). the No. 1 entrepreneurial hub in the world Latin America, Africa, and Asia. who’s who pro ndm t in a re use intern How m ements ly shopping. and commi and we had that lea den tion a 7 according e a (According grove’s we resi dership tment. We 2• our foreign exchange reserves are weak, through: (d) Work with the diaspora to attract inam ctmen is p ssoci Ltd. g bsit re to ick “a on 01

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as: i l E b Habi living ly Final am re WE nEEd to bE no. 1 for EntErPrisE his d InBusiness

How we can emerge stronger from recession?

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Insider Special:

Our new “what’s on” publication, Barbados INSIDER Magazine will feature accurate, up-to-date information on attractions, restaurants, nightclubs, health and medical services, shops, boutique and stores, museums and galleries, vehicle hire and tours. It will also provide information on major events each quarter, and showcase the people and establishments in our hospitality and service sectors.

November 2012 • PILOT EDITION

8,000 copies of the brochure-sized magazine will be distributed free every quarter in over 200 locations, aimed at both locals and visitors who want to enjoy the best the island has to offer in food, drink, entertainment, culture, health services and shopping. Size of publication: 9” high x 4” wide Number of columns per page: 2. 16 col. inches per page 1 pg: 8” H x 3.25” W; 1/2 pg: 4” H x 3.25” W; 1/4 pg: 2” H x 3.25” W; 1/8 pg: 1” H x 3.25” W

LISTINGS AND RECOMMENDATIONS FOR

• Shopping • Dining & Entertainment • Health & Medical • Professional Services • Art Galleries & Museums The Barbados INSIDER • May 2012 • Page 1

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Entertain

ment

awood orn glass and Mall, Ch. on or items, home dec Mon-Sat. Sherat Bridgetown. en 34, ments. Op 96. Also at Mall TERMINA E -11 UIS WN CR y-free Ch. T 437 BRIDGETO y operates the dut n Port, and 70. T 431-08 pan Bridgetow t. The com area at the ise ship is in por @ r bags and N’S cru shopping ach enever a HARRISO ury goods, leathe accessories, -0386 gro is open wh ch, CEO, tel: 431 free lux ty ke-up and www. Du om Roa y at. rances, ma rminals.c Geoffre ncruisete shoes, frag china. Open Mon-S as House, bridgetow hol crystal and ean.com. Nic 00. Also at ribb -55 e dutyfreeca dgetown T 431 EPHERD ers a wid -5566. Bri CAVE SH rd offers custom m perfumes Broad St., tre, Ch. Ch. T 431 fro phe ks, Cen Cave She tes and choices, on boo Sheart twear, tas variety of ry to clothing, foo d.com; Broad HOUSE her and jewelle e.www.caveshep Also at R’S WARE lity jewellery at St, ELE JEW 21. offers qua Mon-Sat. Broad pand luggag town. T 227-21 st Mall, St. This store dge She Open Coa o at Cave e prices. Street, Bri and West wholesal T 430-1326. Als -2338. , Ch. Ch. n. 422 Worthing other locations. Bridgetow ll, St. James, T James, and st Ma herd, We INT ’L DS nds AL ER lds, diamo niture IAN EM es and fur COLOMB ry featuring emera ellery and jew LILIPLUM re for toys, gam thing elle t sto Fine jew nes. International emeralds. y clo Upmarke en maternit ian sto and gem as well as bags for moms. Op St. w.colomb ad St., for kids, nds. ww Bro ood ng André ou watch bra Mon-Sat. No. 24 Mall, y changi lum.com; Canew ta bab Vis tsi at and o Barbado de The Grille at www.lilip com. Open T 227-1307. Als Sunset Crest, By __ s Hilton __hole the n. Mon-Sat. -1575. __ Nic . Murray Bridgetow Ch., T 426-7257; ly) and 9 other mas. T 424 __________The Ch. Tho , dai ing en Barbado (op ____ Worth s INSIDER dré was ______ T419-3120 es Jam trained St. at the lux ous Verre locations. TH uriE GRILL by Rams L il E REST Hilton, NATIONA eller, offeray at th hip reta can be S INTER AURANT Dubai Cr jew e cons the flags DIAMOND largest duty free jewellery eek gained one of ’s restauran idered a quain and expertise where he The world ed timepieces iconic designstore is tyle Centre. t with t of So in the cra aft st es Vuitton a Coun Club th us Vide. ing handcr of the world’s mo s. Open Monft c Louis Limegrove Lif ni try em Hi e ico s e, palate inspirati featurin Barado The from som togrCEN and the new TRE on for l stores in dos.com. No. 8 g ap at era ph hy ts sev oYLE ll. his varie of rba dishes an outle ers has LIFEST 00. Also urious maBarbados’ fammoou ty of iamondsba st lux T 430-24 Ch. T LIMEGROVE d menu most s ly. st Sat. www.d Bridgetown, s were develop newest and Open daiWe Indies St., Woods, Ch. , T both .ye ed by Barbados’ ve.pla cricket Lwr. Broad ch Resort, Dover Centre gro com rs. the he cooking bea Lifestyle althier www.lime Althouest at Turtle method m the ns. , trendiest Limegrove 40. s in the and the sesoo os new gh It hou row fro e CaT 432-08 lar -1331; and eral other locatio ind th bad 418 ’s Bar n. Ea is rs, th ge tinnd ne exposu st th atio and sev e tiona Limegrove shopping deswi re to int st a sto beaches of owbrands 271-8230 l experie st ernal re ju coast, g luxury s an ,d open West Coa nderfu nces un le Cent rld’s leadin atinum accesph Lauren watchful RIES Lifesty ost styl- wo an Sea’s pl Westmoreings and gifts some of the wo Vuitton and Ral egrove eye of Go der the DISCOVE offers unique fitt l as ROVE be , Louis ailers. Lim s rdon Ra e, as well ies. LIMEG ged as the m , and rib y Lane, Roya Apes Hill. like Cartier mium local ret Discoverie fashionable hom msay’s sta er registr and pre , Entertain for , dine si- Sand d ll, ide gift uty a op ff. Hi en ngs for Bea has em and r , sh s alo ing ga a bl tion sories T e to best in Art and re d someth s, decora Thomas. “We do land, Su ve provides gether offers the n, Film and Foo ish plac all visitors and basket at. Canewood, St a lot of ro hio r m to n-S grilling Limeg ment, Fas lime fo Barbados. Open Mo al char g, soin os’ first coloni ible, excitin for of everyone! and espe Barbados 421-6412. dents rove, Barbad ntre, is of ist e cially at th irres perienc and and wi s ex Limeg lifestyle ce the Gr are ille d S , but th housew use of Hole isticate visitors, ey focus DWELLING rs accessories, ate gifts, gift flame mixed in the heart and in- ph e owners, on offe d grill cre por searing s ents. m d Dwellings your home. Cor www.dwell- an and So ate the locate vers ten acre 85,000 ho Indian resid Barbados for Vide.” us open de feel of pping. furniture co in est ely ck where , online sho ly. Canewood, rea W at on led and If im town, gi lle ies dai in you aromas ch the no Open registr an re approx It also Unpara dos.com. strils an champio are not cook cludes retail space. Caribbe orates a s, sual of ingsbarba T 438-5900. ing d the vins yo sidence d the Demi Ch corp s. urself, Vide is sq. ft. of e Grove Re St. Thoma will an egrove in and global ef De André Nu Sous a proces Th E PaRYrtie, eted, ND GALLE rse geMO Italianat s of co cludes compl tments, Lim e of local tting built BOUTIQU y care ntTah one tem n pearls, oking the meMILANO DIA when MAKEUP wo s, ly itia rk and bod nes. at ece ing perature sto up GETSET en an which a mix of apar uses. rang rs in a se nctly difepi keOp gem d seafo zilian rs ma at.um brand. grill40 Swiss tim n-Scu ho ile under sti od on n.thOpen Mova at -54 whet African and Bra GetSet offe luding the e.l.f. len 431 featured es and town me to reta nd three di including T e gt tow d, Ch. inc hs sometim us , Bridge ho fore gu gol thaseHoap usepe , products, onne Village, Ch. arou ards tite be es days, of time, pentho esNic Per courty urants, delis tshol ding - colou ntre is even00.tak • e retaining Mon-Sat. rs, juice sta The Ce e world’s lea ove ferent an Young T 429-29 7 e. of s and ues, re foods, Gr Celebrit 12 • Paagebit s, of th the meat textures ile The po- boutiq rs, gourmet spa and d candle THINGS many • May 20y Chef An whilst ad GIFTS & er jewellery, scente ands, wh ntem cafes, ba , cinemas, a special s INSIDER The Barbados INS - potency ding th silv do g retail br e finest in co rlin rba ry Ste e of flavo IDER • e of The Ba th t galle LS INC.

ing Shopp

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living. Hole- ar a rang offers n, and ribbean ric rary Ca zing histo luxury salo t spaces. • Revitali sited in the mes, even Ja d Page 6 town an l belt of St cated • lo y 2012 tia residen ve is ideally s INSIDER • Ma do ro Limeg The Barba

Chef A ndré fires u p The Hilton ’s Gril le

May 2012 • Pag

e 10

ur with out

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Step into history as you view this detail-rich, fully furnished old plantation home, complete with garments, appliances and everyday items of a bygone era. Admission: $20. St. Philip, T 423-6270. Open 9:30 - 4:30 daily (exc. Christmas Day). Come Feast in the East!! Sunbury House is serving up a daily buffet of mouth-watering Bajan dishes on weekdays at Bds$40.00, while on Sundays, enjoy a 3-course Plantation Buffet feast for just $60, both prices incl. VAT & service charge. Sunbury also offers breakfast, à la carte lunch menu and afternoon teas. Reservations, call 423-6270 or email sunbury@caribsurf.com.

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12 • Page overcoo 11 king it. Chef An dré took guests. Insider He intera up the challen cts and ers some ge and mended ga th rec mu om- fee ch appr the choic dback. eciated would e meal recomme he “As recen nd for first tim tly as las the to e custo me ok t we r. a ek I photo wi “I would th Cana recomme guests have th dian who ref nd you e Surf an erred to as a celeb d Turf wh features me rity as so ich lea an 8oz on as th rned th Lobster Beef Pe ey at I wa and un tit Filion s der Go Steak. If are not rdon Ra trained you th a seafo msay. ough I ex od lover, should Alplained you say have th that Ra e Lamb did not or Cajun mtrain me Rack wa Ch himself, s the en spice. He icken with a lot it vironme of re you ca nt.” The Gr n get go quality ille is certified od th attache e Caree Angus steak, ou d to nage ba beef op r main br r, which ened at and! Gu always is 5pm to ests Gr love it; th 11 ille is op pm. Th ey know grades e en their th of meat. e kitchen ed at 6:30 an Every nig ” d ht when ter 10pm is closed soon ishes, An afhe fin. Visit th dre loves em and to meet to greet as th k e young his Ch Celebrit ef Andr SOUTH CO y é Nurse AS .•

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Mall, Ch. Ch. APSARA Indian and CARIB BE Tha AC beautiful cliff i. Dine in a the Caribbean H BAR sid e ho use that wa . Located on formerly the s Worthing Beach, on ho e of taurant. Op me of Josef’s Reson the sou the most popular en Mon-S at, D; www. th coa apsarabar bad some nights st. Live music . Open dai Gap, Ch. Ch. os.com. St.Lawrence ly, 435-8542. T 435-5454. L & D. T BUBBA’S SP CHAMPE RS Eclectic. Bu ORTS BAR Set in a tra RESTAURANT bb ditional Ba its ten large- a’s complements jan home, Champers scr off with genero een satellite TVs two floors ers fine dining on us-sized bu wit wings, and rgers, fries, views. Mo h beach and ocean ste n-S plus Sunday ak. Open daily, L & D, champers at, L & D; Sun, D;www breakfast barbados. buffet. ww bubbasspor . com w. Hill, Rockl tsb ey, Ch. Ch; . Skeete’s Ch; T 435-62 ar.net. Rockley, Ch. T 434-3463. 17. CHEFET TE CAFE SOL Barbados’ ME largest res Mexican. For XIC AN GRILL taurant chain, bes some, the t kno here are eve cocktails chicken and wn for its broasted n Open daily, spicier than the foo rot d. at most sto is, also serves pizza D; www.c afesolbarbares dos.com. St. playgroun . Seven have kids’ Lawrence ds. Op Ma Ch; T 420-76 55. Also at in Rd., Ch. Rockley and en daily, B, L & D. Warrens sto Quays have BBQ The Barba ide Barn restau res also dos INSIDE rants and R • May 201 2 • Page 11

Boarded Hall House, Boarded Hall, St. George, Barbados M: 230-5687 bsjbarbados@gmail.com

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THEBROADSTREETJOURNAL June 30, 2012

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Editorial: Dipping his Mottley: Hotels need toes in the Sea of half billion for Opportunity - page 8 refurbishment - page 3

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Tuesday, June 30, 2012

Sinckler retains tax regime in Budget Speech - page 4

WE nEEd ok How we can emerge st ro to bE no by Pete r Boos . 1 for E

THE BUDGET

Arthur: Barbados economy at “tipping point”

Opposition leader says gov’t should stimulate domestic demand with larger tax cut By Patrick Hoyos

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N D E 2011,C CEMBEr h the man ristine Lag 15 follow ar ing area s: the In aging direct de, or of ternatio etar y 1.Red Fund nal Monfaces th h that th ernmen uction of th as war e pros l e si e n t ed gl pect of rising ob mance and Impro ze and cost pr “econom al economy p vem of G and happen otectionism, Pictured (from left) at Wednesday’s Post-Budget Breakfast Budget Session co-hosted by This m Value for M ent in its P ov- pe isolatio ic retraction ed in th the Barbados Chamber of Commerce & Industry and PriceWaterhouseCoopers were er us on n , e fo t an ey A 30 rinclud t this . bour fo d Panellists Richard Cozier, CEO of Banks Holdings Ltd.; Troy Lorde, lecturer in economs -Dep e do rc ression . . . what ics at UWI Cave Hill; Gloria Eduardo, partner, tax service, PwC East Caribbean, and tain. W point, a eu sions), e (with adeq wnsizing of .” ro Lalu Vaswani, BCCI president. See story, page 4. Photo by Vincent Tempro h the uate se m predic ile its depth zone recessio (suppo uch higher paration the la- pr THE BUDGET ted, a n is ce and le of rted by le contin rpr ve n eign-d gt ov ls h cann i- te of prod people ued cr system eb t ot pr rn ed s ac uc ob BIBA welcomes offshore proposals be ti to mea it counta tivity and fi su on scal au lems, lack of crunch, sove bl petiti sterity compe r- an ar y expendi e), eliminat re and hold The Barbados International Business As- business in other The provision for a speturn. ion of ti imply ture (o d sociation (BIBA), not surprisingly, has wel- cial entry permit system for high net worth (g) discrea seriou tiveness, w reduction verseas comed the lowering of the minimum tax individuals and their families, was also welThe U in ho rely s dow the rig S – gr rate for international business entities in comed by BIBA. non Gov some transf travel, etc.) 2010 the Budget. In a press release, BIBA PresiHowever, Ms. Jones said the new meaers to – face owing at a Privati ernmen fast tr dent Melanie Jones said it was a “meaning- sures to attract foreign investment should entities snail’s s consi sa t fr ti su om on pp tions m pa ful response” to the island’s recent loss of be part of a major effort to showcase Barbathe eu derabl lation e dow ce since ust be of certain st ort. rozone its competitive advantage in the Canadian dos as a hub for international business, and the m t nside sp real es at cr ajor ad market. this meant more funds should be allocated all risks tate ow eeded up. D e-run oper vanced isis. Elsewher Kingd She added that having lower tax regime to the agencies charged with foreign investa- ec secto n is tial to om e ec See ARTHUR, Page 2 would enable Barbados to look for new See BIBA, Page 2 onomy generat ed by Gover posal of som fiscal co is double di onomies, th among nat nment e cash, e e Unit e holdi pping, nsolidat is (h re ed du ) es as underm rap ng cost sence debt ion an a civil s. Bar ine d euro front-loaded to ensu and se zone ex re The B growth.” one sh rvice of close bados cannot elimi- fu posure nction ould be on su dicated arbados econ ss and dy to crea 30,000 peop stain and omy is by a la n am te provid le. Job over 10 in rg a fully ic civil lows th 0%); la e debt-to-G crisis, as in se em al rvice in l person e power em rge - Th and stag D si is refo to make deci a system th ed nant ec fiscal defici P ratio (wel rm at jo t l si on (6-8% r econ ons an alshould omic gr of our , 2012 om GD d al 3.Diver June 19 In addi ic sectors stre owth, with al P), nate national gove so include perform. sif URNAL th the bu l ma(a) N REETJO negativ tion, the last ssed. rden of rnance mod e reform exists OADST e S el to el foreign ew in advers today. THEBR significa outlook, busi &P rating in imiarial po exchan A mod and st dicates ness pr ntly (a te lit el n re tion. ics built on ngthen ofits h a be corpor nd, as ed ave at an expa that th a Profess falling, e taxes), For result, reven fallen an e way to go. social partn nded eign D ership d inclus E and un tainmen ional irect In ue from might iveness ffectiveness, accord employ t, ve ing to tr sh m st an ci ou en m ne, bios sport, sp en t is risi ld guid last IM o ur fo cience e the ap arency ng (12. t F re 2.Gro s, (b 1% proach w and th reign exchan port). . ture ) Existing se The fo the econom ere is ge re y serv evid need in perform the No. cus must be THEB novat ing loan ence of incr es are weak, n amic pl on mR 1 entrep sales an OinAD ea s an se ak at th s s rough: ban reneuri are in S d fallin these st E TJ al hub g BTarRba very w g valu ks. Slow real nonrugglin ne sO (a ea in the Edo at g sec (cA ) Foc world URN challen k outlook if ions also po estate nes ) Competitive we do ges. in s Latin L Juus te ne at not ad t to a in facilitation, ness (open ec 3 A 0, nti0 m Additio er dress ou g taxati lo on (d) Wor ica, Afr2ic on) so wer business omy, busir gl and po nally, deferr that w obal tr st al vestmen k with the e can re costs includade; ated th ponement of of road mai t; ally en nte (b ei ta (e) Exp gage in have le r own prob x refunds h nance neu ) Attraction ad to re lems. ave creof inte rs, hig re ady op and manda F du negativ al erating eign di h net-worth rnational en e ramifi ced consum ling incomes in Bar rect in trepreindividu er cation b Increa vest imm s for bu demand wit al 4.Elim h in igration po ment throug s and forsi add to sed taxes an inatio d the co ness. vestmen licies h innov a burd n W of C to e en man to carr t st of el at y. (c) Urg and to open attract skill ive prov need to introd or y are fi ectricit id nding s n In thes too hea y governm ently reform ew export m and and e governmen uce i ar vy fa en in m t UrGE e circumstan cilitatio t that dire g the agen kets; priv ake it illegal fun ce N ate co ctly im cies of ment or T decision s Barbados to fu gration n, includin ntribut pa has som s to m ct th failure g cust at the busines ions. Th n , town ake. P e aff to act The m om n ex s plannin e s and t se ostpon airs an will be lengin ost ur g, im ed g for B veral years w (d) Exp licensing de and the corp mi- only ar 6 InBu gent actions aredinsastrous. ba dos. Th part hap orate and IC eeded sines infrastr e ab T capa ments. their de pen if many in the s•Jan of orderucture on ti m ci m ty or op oc uary2 ep and te racy (e) Dev s the ta ship ca Bu012 lecoms elop a pable of and demand customer fette Res uthsiness e new co xecu Chefette (from left) Che oute,gwi execut et Sp llabora ti ion. • t to give tive pa reemen al last week were irector Ryan Hal , Daniel eech give ves attend Peter B ag ct an w to n it D in an oo h tr by Fin d in g ing the de ibbe THE epreneur s is chairman ve entere ance the break toast to d Manag tor for the Car BUD ship Fou of Minis (BHL) ha week. Raising a nine Haloute an fa GET ndation the B ngs Ltd ons Direc ter C st sessio tor Ja Inc. Operati n at th hris S ks Holdi ts, starting this ing Direc anchise and Ban

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HwalCou clared ineapp ot st h P de B T ’s s ta c a pa a s p In re le a a o a d ge ay do si o e rd te s a, d t re vi SS x .” n a L ve f thee list, Mssed exp c rnation ness forman boceut si-Busin Pa wew Col r th bado Barba Tuesd hilof th Cozie to prsuesm-er. t ture SMALL BUSINE - Localysed be abov to thfe ten’sd to ecal initia Che fo“srtath Brand fo ading brand in starting subsidiary Bar local producer e tte Resrtner Glo ch tresasnAssfsociaetio on r,y’s bileisfir e thee ec forpeh Ju ea-r r Troy L weekinaft g er plil ctiGlobal whoom eetinves p imca weCbe oftoTth y Pnc upne is pa will beorm rg” sithx mon ation - eoSn in orde Added ing a le atiaton lyhlun ) is the more le ’s tw ouxtr .fo inst BHL lo C be ro he o B e rt te a t ld th lia w tt b (B x p e sa c d , al “t fe s s a u sa ” 65 k o th o of 20 eco dg12 New oldim abou o to Barbad ler. H theoHif l-th sednead. reig $7 Ltd id he On M neonli Che ngs, it e as w t “s as thewne bi s an f n to te noted ttle e da “h ks s.H e in rages. on e als s co 72. ” Company ola beve Restauy, toh Jun exchan nomy and t was incos spm a r. Halou ted by New w an $750.0 eciaph eful Th rease July 4, o 12no economy tructuralits reinvicoew re0pstoaff 20 since 19 hefette satsti andoBpan incly mes. 9t ge re unl edi-it l- fromtono re,ath dress, M rt un coC te vo or of C 04 Friday that ovfoerr 1,30 fr r on acaoftaC nk se s, keepsee pba Ines sadi vehtoic2 p.mth as taur ge hooneminplitoy x oc . Ae dis idng akes in pr stesare “ctin ccila In his ad recently22been g Dllirect oute$7sa id iativeve su ha-rge that the om Mr.this“tup eoplewillr visesu in lere essr fo thtiz ed pa er s ion guish xeisure sma ts,mic it m le as d ag L b n w e and en si Ta is m a ne , ro p w an s, e had m ne d & e ns t $4 al an co ith w ra e u o l M l al ci s ta 00 ha m ’s a w wi n d ha n P rn p n m itat te identicorpor e hic raveco wC topic: sive to ll discu d disllo h ethe are bover yan H mes pani sshthe o ble value roposal day.to reduc aeyproes po y jou11,0 cies, an There ed long-ter Cola Chefette ($41m uts co ducing will fo ., Ror’ 2) azine T In uch good ains. “W Botlahrsco fi .” m rim uld ” ntustiL in thera‘form oalntds.sected a very good H rchase w ed ag vati- Reviam“S ap elecc ted pMuar g en food ch c in wsable of loc e the fo of thnfeerecence su ous pco penes ope ing neede thede, va whic ratin e s ag discph sharness ts ina m make it on mo- Th er(or onflic ke e York-bas world’s top fast ew: lePr, os onomtheh ne reign with Coc ver, ck instutitan is Sualnd hboshth of d in ri come ieios oofwebe g busi rterth rating en pport th xt off l to r qua us n re a su u b s, ks ta ei ly ou r ss so in u la abo b pe lo he pp ba ing rm si ay o P id te v e p es le ti n y “Bg o cts d w su ,nho uld esteemn m urcha n n aro ” in o in fi 94 are esswtrever exchan al fibados,evcom viung wC asn betw lidifi $395 one of th oppris to furt . Tax itr-h o -size car, ss ex- celebr at ses.in goine.ac .0 rship so ntngdthen bawdohsil as gantoIn“greefor Ba d hpredic-e to $5rt rder ncils ncweaysos gi g r00ne ndsyth be able$2 arCkeort,p especially r- bynaal fessioinn Bar d d) ofelthe 297) ther nergie ticipatote stere Thgsis cu ansa, cth , sc at kis forc treetchan omices th nin s anjobs thwor tie nCs enetrcalom oud($to l- Businese he g ternat anufactu ts, pro m io g tax in for ex- of nth use ank00 waltu onken in d “m e ofo e is pa eTh Spman s. th es.meThoef thilleco recpo en all eved y mor local m pecially are pr s slraol,w woith an c Bpan es, sto fu hemavun nomis mercial b30,0 et be y iti ntin t 86 o ue ra acturing omicportim b.”enerally naol fMthelean resp ovve dgto t centi Mr.eS Cro , giv ve ovuch r- oThf taxseHu NIS t Dutie erry V lergein tofeto suppor$3 oun ecie e areeebeli ing d thed la efum s fo whi thatther opa , es es wem, as icf as m nsu 94 local manuf ck our Jo w k’s Bu s Sbe v ty on n ni is o su Im $2 in ri ne er e ch in a ec ua si e n en s wn ch n cu th m s n r pa off p g m l b o it kno n c o se d o ne is p in A bl itm m il k s in co uch to sayBut , next w th co e mm is sp er ds”” • at it l will feae o ort ler hso itythe pu the N bado hrilittlco y he thrts Exwhinbiou Tax job y. be and our alleng .” and aleso sector, ry rmal’ in ce C adring of. po on IS h s. to BIaBA shwore ed the re ” And at 6et” r n, . willind term te erefo om s more on tio acen p.m Bar isto‘info ic times ecothese ch e job security Excisntasxtic prices,” seen in to m esidewntouanld ontureffne no,t in hiet vof crea s “Pr bep.momy F an om $373 r be th a f ie li 4 econ st re H d d e not to ncture in hthe w an o d se the c oz ec “g G e g ju Ta an to r d e fa id ie at e u g C n er “a ra ly Pa in ctor t earn o tt appro te tributio cing ndfe s tha will a rtner,wLeoxrk Ca dd,ed Fi ally -engin inriscon ichard . Noand thei alle ther prov great specials atLand ne 26 peti t wo t the corr Saltlleth, at We were “m priate doribinbegan Mela for the be lsJo ntedness madna o ne t this ju ered by M in th he warn Group R setive thessee ochf th e BHL 50 Saatu have day, Ju uld c oviding in ining” ou ect m ent, com e ward t rd e proon th Jo ed bank uesloym e sho nes, taxbusinnie omers iv emp thay er pre bsays $2 .0 us to be pr tire becauE ss to w e ,fiJu ix ness when ok-ns hased th postsath ss” ins; Ru pa eer, os ev OBlac s- cust . nexoft T be del viofsith nalync21 atre4atep.m ange,, ut Rut er thill ho C phro badign exch lseth tly 2purc PwC oBardr- reduce th rt-term agovan nour for bados;ecBeonomrtn someon r own “Paan ain of re id rren11 Barfore embly t ing e min gro of ho et wth sa ch . th osition ybin . e cu r g za ss istry p an in e d us y he re e e . BBM . Min -1 t ” fo A lo tt e u is • n o r th ic the no re t f c fe s e sent m Ar ) nger cost ould e Plaza isEx m nt secrfetar to m rindell,odir e duce Che eo dard idad: e“Ior m to an indige noane . reeccto tetr th BB (P Th o sa id ortan man an C Cid r st p sa o o ec an , te perm a h d , e el f ls o k h e e im Ba H ks av rm s Dem r, e a-d al uc lp b ) nk & Trust; dec Rurod dir to our fr thi ature , but ntrtsie for quality mea alinesexs tand en,” a the excise -12 (R Trimart e most extremely of and Jerom petitive, the en- Hth They, nSmat llfoBus iend Dwight, he sh usinesses EST 11 r the n theouErUprcouknad of this n Ind s this ns.ustr d fo ERITA s ta a e o ow r o r n ou ti u x m a m d pr o an en te o ec 1 ts o ak u cited n die ing our s reli GE TOwou IS 10-1 rnm e of Barb We are very al el taur-an pain RBC Wealth aging director, CBB sel “t ld have govent. day! M ha $163 thervMie.ress and S iaadlaun both ef, sinceURld g gener runsvelo icst chedof thepme Man $0 ress dwse manu endin atythestmed 09-10 an g al in B ve brough here and d, It ayy,toMs. ($161) akin be d th ho They wi agement. exSpe an w CBB is el n e u nda a fa Ir cy t ig Mo id rb m li ll on c it e, im y re o turin ados, stud discuss fo medig pcro, put thsatSector. W ld dec ce, Greec cro Bus ts n cli e 46 ines en ts ci ac g ho m $1 ts p ci fa “d w a co and nd dis ie ME (Mie two. defi B ran this and John Williams, oices growth urse im inReid thatanthe tribu sel fuels sionals fro business profes- en Arrindell t chMS nus said Like F ing budgetBlacykma g up, CEO of th of co $147 ) secre ises h om tion.” m erpr left): Ann it vers Me ominSize f drye m ixtu d Ent y(fr whic has re iness and Rural the • ty,stud such as Ca mature markets, my. ch of ho ine andtwo ddium olicyofo Ind ith loo ide on auster Small Bus be a m asce tivi Sma t pistry onoy, e ured at Monday’s laun chainselopment nada, and urseeme ofllthe l ofoscohad an anw“eng e ecustr rr,en g th rged ic tic ackma Min ec Pict in re th d in cu P.S. m es u F n, r o em ’s Dev ak m to f at m n , bad n ve o ican If er il o arkets in Blactratio n o mer m ent, pas ging in Bar you w w r-A inpres Inte ter omyli. ci“At all on of theth byA;d Ruth in ere is e ec an, BPS La ts listo is and Ruteff peting finaltor result th” afor Hol hec Min theis econ om po es , a L heritage ould like to expe oyal OChairm ars. Th rising fuelled Th China perc tin America and adm l Saab er e iste he com ious of grow the have ease fr BSJ wo ye a ert is being ill sterity ent; Chr

ent

FOOD

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ER & BEV

Coca-Co

Business Voice

Editorial: Next week’s Budget

orial Black mdagne:t“One-stop u B s ’ ek xt we

Clebrating the Chefette-Coke alliance

MSMEs shop” needed for

BIBA lu

ncheon

July 4

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“Ole Ti me

Bajan” bus rid e Aug.